HomeMy WebLinkAboutC-5387(I) - Estoppel Certificate 2024ESTOPPEL CERTIFICATE
August _, 2024
Piper Canyon Partners LLC,
c/o RMWC
130 East 59th Street, 13th Floor, Suite A
New York, New York 10022
Re: Development Agreement, dated as of March 12, 2012, by and among the City of Newport Beach
("City") and Uptown Newport LP (the "LP"), recorded in the Official Records of Orange County as
Instrument 2013000180939, as amended by that certain First Amendment to Development Agreement
dated April 28, 2015, recorded in the Official Records of Orange County as Instrument 2015000349840,
as partially assigned to One Newport Development, LLC ("One Newport"), and to be further partially
assigned by One Newport to UNDC 2, LLC ("UNDC') (as the same has been assigned and amended,
"Agreement"), which covers real property including that certain real property to be improved by a
condominium development located at 4288 Half Dome Place, Newport Beach, California ("Property")
Ladies and Gentlemen:
All capitalized terms not otherwise defined herein shall have the meanings set forth in the
Agreement.
The undersigned understands that Piper Canyon Partners LLC (the "Lender") is making a loan to
UNDC who is acquiring the Property from One Newport. In response to your request for certain
information from us before consummating such transaction, the undersigned hereby certifies to
Lender as follows:
1. The Agreement, as of the date of this notice, is in full force and effect and has not been
further modified, amended or assigned. As of the date of this Certificate, both the City and One Newport
are not in default in the performance of their obligations under the Agreement, and no event has occurred
which, with the giving of notice or passage of time, or both, could result in a default under the
Agreement.
2. The person executing this estoppel certificate is duly authorized to sign, acknowledge and
deliver this estoppel certificate on behalf of the undersigned.
3. The undersigned agrees that the certifications made herein by the undersigned may be
relied upon and shall inure to Lender and its successors and/or assigns.
[SIGNATURES ON FOLLOWING PAGE]
{12341812:2}
IN WITNESS WHEREOF, the City of Newport Beach has caused this estoppel
certificate to be executed on the day and year written below.
APPROVED AS TO FROM:
CITY ATTORNEY'S OFFICE
Date:
By:
Aaron C. rp
City Attotuby
ATTEST:
Date: �(•
By:
Leilani I. Brown
City Clerk
H
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CITY OF NEWPORT BEACH, a
California mµ��p�l� � � oration
Date: �/
By:
Seimone Jurjis
Assistant City Manager
[Signature Page to Estoppel Certificate]